topic Re: Damage closing a young card? in General Credit Topics

Damage closing a young card?

Rottweilerlvr — Wed, 04 Aug 2021 18:05:13 GMT

I'm wanting to close my Capital One Platium card that I opened Nov 2020. Since it's not even a year old, would there be any damage besides giving Apple the same reason to deny me a card? (Tongue in cheek, looking at you Goldman.) Points wise any damage? Would this effect CLI with Navy? I've always regretted getting this card and the way Kohl's/Capital One have treated me, I'm just over Capital One.. I also haven't used the card since March..

Re: Damage closing a young card?

pizzadude — Wed, 04 Aug 2021 18:17:25 GMT

@Rottweilerlvr wrote:
I'm wanting to close my Capital One Platium card that I opened Nov 2020. Since it's not even a year old, would there be any damage besides giving Apple the same reason to deny me a card? (Tongue in cheek, looking at you Goldman.) Points wise any damage? Would this effect CLI with Navy? I've always regretted getting this card and the way Kohl's/Capital One have treated me, I'm just over Capital One.. I also haven't used the card since March..

A few things to consider:

Does it have an AF ?

What is the CL and how would this impact your revolving utilization ?

I don't know that your other creditors would care, but what is the limit on this card compared to your other cards ?

Closed or open it will still count towards your AAoA

Re: Damage closing a young card?

Rottweilerlvr — Wed, 04 Aug 2021 18:26:10 GMT

@pizzadude wrote:
@Rottweilerlvr wrote:
I'm wanting to close my Capital One Platium card that I opened Nov 2020. Since it's not even a year old, would there be any damage besides giving Apple the same reason to deny me a card? (Tongue in cheek, looking at you Goldman.) Points wise any damage? Would this effect CLI with Navy? I've always regretted getting this card and the way Kohl's/Capital One have treated me, I'm just over Capital One.. I also haven't used the card since March..
A few things to consider:
Does it have an AF ?
What is the CL and how would this impact your revolving utilization ?
I don't know that your other creditors would care, but what is the limit on this card compared to your other cards ?
Closed or open it will still count towards your AAoA

What does AF stand for?

CL is 400 and would have minimal effects on utilization. It's my lowest card.

My open accounts are:

NFCU- 7100

NFCU- 2000 (due for increase this month)

Dell- 5000

Discover- 5000

I'm also an AU on my Mom's Chase Amazon acct. $5000

Re: Damage closing a young card?

dragontears — Wed, 04 Aug 2021 18:34:20 GMT

AF = annual fee

The only risk with closing a young card when your utilization is not going to be effected is appearing as a churner to future lenders. Having one card closed before a year or two likely won't cause issues but if you make a habit of it....

Re: Damage closing a young card?

Rottweilerlvr — Wed, 04 Aug 2021 18:45:03 GMT

@dragontears wrote:
AF = annual fee

The only risk with closing a young card when your utilization is not going to be effected is appearing as a churner to future lenders. Having one card closed before a year or two likely won't cause issues but if you make a habit of it....

Gotcha.. no annual fee and it's not one with a 0 intro rate or anything. Well, I don't plan on closing anymore cards nor open anything for a bit. I'll probably have a car loan at some point cause my POS is on its last leg but waiting for the market to cool a bit..

Re: Damage closing a young card?

pizzadude — Wed, 04 Aug 2021 19:13:48 GMT

If there's no AF then I'd just leave open and put it in the sock drawer.

Re: Damage closing a young card?

SouthJamaica — Wed, 04 Aug 2021 20:23:52 GMT

@Rottweilerlvr wrote:
I'm wanting to close my Capital One Platium card that I opened Nov 2020. Since it's not even a year old, would there be any damage besides giving Apple the same reason to deny me a card? (Tongue in cheek, looking at you Goldman.) Points wise any damage? Would this effect CLI with Navy? I've always regretted getting this card and the way Kohl's/Capital One have treated me, I'm just over Capital One.. I also haven't used the card since March..

Unless it would hurt your aggregate utilization numbers, no there's no damage from closing it.

Re: Damage closing a young card?

SouthJamaica — Wed, 04 Aug 2021 20:24:52 GMT

@Rottweilerlvr wrote:
@pizzadude wrote:
@Rottweilerlvr wrote:
I'm wanting to close my Capital One Platium card that I opened Nov 2020. Since it's not even a year old, would there be any damage besides giving Apple the same reason to deny me a card? (Tongue in cheek, looking at you Goldman.) Points wise any damage? Would this effect CLI with Navy? I've always regretted getting this card and the way Kohl's/Capital One have treated me, I'm just over Capital One.. I also haven't used the card since March..
A few things to consider:
Does it have an AF ?
What is the CL and how would this impact your revolving utilization ?
I don't know that your other creditors would care, but what is the limit on this card compared to your other cards ?
Closed or open it will still count towards your AAoA
What does AF stand for?
CL is 400 and would have minimal effects on utilization. It's my lowest card.

My open accounts are:
NFCU- 7100
NFCU- 2000 (due for increase this month)
Dell- 5000
Discover- 5000

I'm also an AU on my Mom's Chase Amazon acct. $5000

No harm in closing it.

No harm in keeping it open either.

Re: Damage closing a young card?

Anonymous — Wed, 04 Aug 2021 20:48:37 GMT

@pizzadude wrote:
If there's no AF then I'd just leave open and put it in the sock drawer.

^ I second this.

Re: Damage closing a young card?

Anonymous — Sun, 08 Aug 2021 19:08:43 GMT

I recently was denied by amex, after being preaporoved for the platinum, etc...

One of the reasons given was that the available credit on my smallest card was to low.

My smallest card is a sock drawered $200 secured cap one.

I haven't closed it yet, as i was going to give it to my son for emergency gas money, etc, but contrary to common opinion it seems under the right circumstances leaving small starter cards open may in fact hurt you.

Re: Damage closing a young card?

Anonymous — Mon, 11 Oct 2021 04:55:19 GMT

@Anonymous wrote:
I recently was denied by amex, after being preaporoved for the platinum, etc...

One of the reasons given was that the available credit on my smallest card was to low.

My smallest card is a sock drawered $200 secured cap one.

I haven't closed it yet, as i was going to give it to my son for emergency gas money, etc, but contrary to common opinion it seems under the right circumstances leaving small starter cards open may in fact hurt you.

Ok, that's a goofy reason for denying credit.

Re: Damage closing a young card?

CreditInspired — Mon, 11 Oct 2021 09:44:21 GMT

@Anonymous wrote:
I recently was denied by amex, after being preaporoved for the platinum, etc...

One of the reasons given was that the available credit on my smallest card was to low.

My smallest card is a sock drawered $200 secured cap one.

I haven't closed it yet, as i was going to give it to my son for emergency gas money, etc, but contrary to common opinion it seems under the right circumstances leaving small starter cards open may in fact hurt you.

😳

What were the other reasons? I have to surmise that this one had to be the last on the list.

Re: Damage closing a young card?

SouthJamaica — Tue, 12 Oct 2021 18:50:20 GMT

@Rottweilerlvr wrote:
I'm wanting to close my Capital One Platium card that I opened Nov 2020. Since it's not even a year old, would there be any damage besides giving Apple the same reason to deny me a card? (Tongue in cheek, looking at you Goldman.) Points wise any damage? Would this effect CLI with Navy? I've always regretted getting this card and the way Kohl's/Capital One have treated me, I'm just over Capital One.. I also haven't used the card since March..

No damage.

Re: Damage closing a young card?

Rottweilerlvr — Tue, 15 Mar 2022 20:57:05 GMT

I just closed this card. With Capital One refusing to allow me to grow the card, I'm over it. My scores are around 700 but whatever scoring model they use for CLI has me at 648. I just refuse to keep a $400 limit card in my arsenal, when my scores have improved since opening said card. Should be rewarded, not denied CLI.

Re: Damage closing a young card?

Anonymous — Wed, 16 Mar 2022 02:13:31 GMT

Agreed, that is nonsense

Re: Damage closing a young card?

DONZI — Fri, 18 Mar 2022 08:12:30 GMT

@Anonymous wrote:
I recently was denied by amex, after being preaporoved for the platinum, etc...

One of the reasons given was that the available credit on my smallest card was to low.

My smallest card is a sock drawered $200 secured cap one.

I haven't closed it yet, as i was going to give it to my son for emergency gas money, etc, but contrary to common opinion it seems under the right circumstances leaving small starter cards open may in fact hurt you.

Interesting. Seems like an awfully simplistic evaluation to even include that reason.

Something change? IIRC there are 1MM club who have never pruned token limit cards.

Recon seems in order IMO.

Re: Damage closing a young card?

moto4man — Sat, 19 Mar 2022 11:43:35 GMT

@Anonymous wrote:
I recently was denied by amex, after being preaporoved for the platinum, etc...

One of the reasons given was that the available credit on my smallest card was to low.

My smallest card is a sock drawered $200 secured cap one.

I haven't closed it yet, as i was going to give it to my son for emergency gas money, etc, but contrary to common opinion it seems under the right circumstances leaving small starter cards open may in fact hurt you.

Have you checked their "offers" to see if they will graduate that card and send your money back?

Re: Damage closing a young card?

SouthJamaica — Sat, 19 Mar 2022 14:23:38 GMT

@Rottweilerlvr wrote:
I'm wanting to close my Capital One Platium card that I opened Nov 2020. Since it's not even a year old, would there be any damage besides giving Apple the same reason to deny me a card? (Tongue in cheek, looking at you Goldman.) Points wise any damage? Would this effect CLI with Navy? I've always regretted getting this card and the way Kohl's/Capital One have treated me, I'm just over Capital One.. I also haven't used the card since March..

Since it wouldn't affect your utilization, there's no point loss in closing it. Since you've always regretted getting it, why not get rid of it.

Re: Damage closing a young card?

SouthJamaica — Sat, 19 Mar 2022 14:28:08 GMT

@Rottweilerlvr wrote:
I just closed this card. With Capital One refusing to allow me to grow the card, I'm over it. My scores are around 700 but whatever scoring model they use for CLI has me at 648. I just refuse to keep a $400 limit card in my arsenal, when my scores have improved since opening said card. Should be rewarded, not denied CLI.

Good. Maybe you can ask the moderators to close this 7 month old thread. So I don't keep responding to it